2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 332 Collection, Credit Services, Debt Prorating
Section 332.42 REPORTS AND RECORDS.

332.42 REPORTS AND RECORDS.
Subdivision 1. Verified financial statement. The commissioner of commerce may at any
time require a collection agency licensee to submit a verified financial statement for examination
by the commissioner to determine whether the collection agency licensee is financially
responsible to carry on a collection agency business within the intents and purposes of sections
332.31 to 332.45.
Subd. 2. Record keeping. The commissioner shall require the collection agency licensee to
keep such books and records in the licensee's place of business in this state as will enable the
commissioner to determine whether there has been compliance with the provisions of sections
332.31 to 332.45, unless the agency is a foreign corporation duly authorized, admitted, and
licensed to do business in this state and complies with all the requirements of chapter 303 and
with all other requirements of sections 332.31 to 332.45. Every collection agency licensee shall
preserve the records of final entry used in such business for a period of five years after final
remittance is made on any amount placed with the licensee for collection or after any account has
been returned to the claimant on which one or more payments have been made.
History: 1969 c 766 s 12; 1973 c 720 s 54 subd 2; 1979 c 144 s 6; 1980 c 516 s 2; 1983 c
289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 2004 c 208 s 8